The fight over the Buss family’s remaining stake in the Lakers has moved forward, with five siblings formally opposing Jeanie Buss’ effort to block the sale.
Jimmy, Johnny, Janie, Joey and Jesse Buss submitted a 36-page response Wednesday, according to ESPN’s Dave McMenamin and Shams Charania. All five voted to sell the family trust’s remaining 17.82% stake to the ownership group led by Josh Kushner and Bob Iger.
Jeanie challenged that vote in August. Her siblings are now asking for the transaction to proceed.
“While discussions among the siblings continue, their focus remains on facilitating the proposed transaction and the trust’s participation in it, while ensuring that all beneficiaries, including Jeanie, are treated equally,” the five siblings said in a statement to ESPN.
“Today’s filing is a necessary step to protect those interests and ensure the transaction proceeds on schedule.”
There is considerable money at stake. According to ESPN, the filing says the trust would receive approximately $2.2 billion through its right to participate in the sale at the same terms. Kushner and Iger’s group agreed to purchase the Lakers from Mark Walter at a $12.5 billion valuation.
The dispute centers partly on a 2017 court order that Jeanie’s attorney, Adam Streisand, argues protects her position as controlling owner.
Her siblings counter that the order does not eliminate the beneficiaries’ separate right to terminate the trust.
They also allege that Jeanie’s effort to preserve her Lakers role conflicts with her obligations to the trust and its beneficiaries. That is their argument in the filing, not a court finding.
ESPN reported that Jeanie’s agreement with Walter called for her to remain director and controlling owner for five years, subject to NBA approval.
A hearing on the dispute is scheduled for Dec. 8.
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